Ecommerce P&L Benchmarks | Q2 2025

A2X is partnering with Ecom CFO on the Ecommerce P&L Benchmark Report series to bring ongoing, data-driven benchmarks to ecommerce finance teams.

The Q2 2025 Ecommerce P&L Benchmark Report was just released. Published in September 2025, this edition surfaces early signals you can’t ignore right now: rising ad costs, a delayed tariff hit that could pressure margins into Q3-Q4, and growing fixed costs that are compressing EBITDA.

Watch our 22-minute conversation with Sam Hill for the key takeaways, then download the full Q2 2025 report to benchmark your business and model scenarios for the rest of 2025 and into 2026.

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Watch: Q2 2025 Ecommerce P&L Benchmarks

TL;DR – Q2 2025 ecommerce financial performance

• Revenue: Cohort averages landed broadly flat to +10% in Q2 2025 – good companies still outgrow the pack.
• Ad spend: Many brands deployed noticeably more ad dollars in Q2 2025 (while seeing limited revenue impact) – the report also outlines that ad costs are on the rise (and what brands can do about it).
• Tariffs: Expect tariff pressure to show up more clearly in Q3-Q4 2025.
• Fixed costs & G&A: G&A and fixed marketing rose substantially in Q2 2025, squeezing EBITDA and forcing hard choices on headcount, rent, and fulfillment.

What we learned in Q2 2025

1. Revenue – broadly steady, but distribution is wide

Cohort averages were generally flat to about +10% year over year (for example, the under $10M cohort averaged ~10.7% growth, the $10M-$50M cohort was roughly flat, and the >$50M cohort was ~9.5%). However, the spread between top and bottom performers is large: the 95th-percentile companies in the report’s sample posted roughly 31-57% growth, while the 5th-percentile saw substantial declines. This shows there’s still a meaningful gap between best-in-class execution and the rest. (See revenue tables and percentile breakouts in the report.)

2. Advertising – spending more, getting lower returns

Smaller brands (under $10M) increased ad spend modestly (≈ +13%). The > $50M cohort materially increased ad spend (≈ +55%) and saw the largest ROAS decline. The report also references Meta’s Q2 data showing higher average ad prices year-over-year, which supports treating rising ad costs as a structural headwind to model.

3. Tariff timing mismatch – cash now, margins later

Many companies front-loaded inventory in Q2 amid tariff uncertainty. That created near-term cash pressure for some, while the higher landed costs from that inventory will mainly affect gross margin once the inventory is sold through in later quarters (Q3 and Q4). In short, expect a timing mismatch between cash flow and P&L margin impact.

4. Fixed costs & G&A – growing margin pressure

G&A dollars rose across cohorts — under $10M brands increased G&A by ~15%, mid-size cohorts rose by 10%+, and the largest cohort saw the biggest jump (+40%). Fixed marketing (content, agencies, headcount, experiments) also increased materially — roughly +28% for under $10M, +37% for mid-size, and +20% for the largest cohort — even as ROAS fell across all cohorts, which compressed EBITDA. The net effect was upward pressure on fixed costs with weaker marketing efficiency.

Why this matters right now

Rising ad costs and ~10% lower ROAS mean your sustainable max CAC has decreased.

Front-loading inventory in Q2 pushed costs into future quarters — expect gross margins to soften as the higher-cost inventory sells through in Q3-Q4

Combined with higher fixed marketing and G&A, these pressures compress EBITDA – prioritize forecast updates and cost discipline to preserve runway and optionality.

Download the Q2 2025 Ecommerce P&L Benchmark Report here.